登入
選單
返回
Google圖書搜尋
Dispersion in Financing Costs and Development
Tiago Cavalcanti
Joseph Paul Kaboski
Bruno Silva Martins
Cezar Santos (Economist)
出版
National Bureau of Economic Research
, 2021
URL
http://books.google.com.hk/books?id=xqJezgEACAAJ&hl=&source=gbs_api
註釋
Most aggregate theories of financial frictions model credit available at a single cost of financing but rationed. However, using a comprehensive firm-level credit registry, we document both high levels and high dispersion in credit spreads to Brazilian firms. We develop a quantitative dynamic general equilibrium model in which dispersion in spreads arises from intermediation costs and market power. Calibrating to the Brazilian data, we show that, for equivalent levels of external financing, dispersion has more profound impacts on aggregate development than single-price credit rationing and yields firm dynamics that are more consistent with observed patterns.